PensionDanmark Pensionsforsikringsaktieselskab lifted its holdings in shares of Paychex, Inc. (NASDAQ:PAYX – Free Report) by 11.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 43,416 shares of the business services provider’s stock after purchasing an additional 4,500 shares during the quarter. PensionDanmark Pensionsforsikringsaktieselskab’s holdings in Paychex were worth $4,269,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC grew its position in Paychex by 26.3% during the fourth quarter. Brighton Jones LLC now owns 5,710 shares of the business services provider’s stock worth $801,000 after buying an additional 1,190 shares in the last quarter. Bison Wealth LLC raised its holdings in Paychex by 3.0% in the 4th quarter. Bison Wealth LLC now owns 4,035 shares of the business services provider’s stock valued at $566,000 after acquiring an additional 117 shares in the last quarter. Woodline Partners LP bought a new stake in shares of Paychex during the 1st quarter valued at $3,333,000. NewEdge Advisors LLC lifted its position in shares of Paychex by 3.2% during the 2nd quarter. NewEdge Advisors LLC now owns 41,081 shares of the business services provider’s stock valued at $5,976,000 after acquiring an additional 1,290 shares during the period. Finally, Sei Investments Co. grew its holdings in shares of Paychex by 47.1% during the 2nd quarter. Sei Investments Co. now owns 156,680 shares of the business services provider’s stock worth $22,790,000 after purchasing an additional 50,169 shares in the last quarter. 83.47% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling at Paychex
In other Paychex news, Director Joseph M. Tucci sold 3,907 shares of the company’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $98.25, for a total value of $383,862.75. Following the completion of the transaction, the director owned 67,364 shares of the company’s stock, valued at $6,618,513. This represents a 5.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Robert L. Schrader sold 2,600 shares of the stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $115.09, for a total value of $299,234.00. Following the completion of the transaction, the chief financial officer owned 18,547 shares of the company’s stock, valued at $2,134,574.23. This represents a 12.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.80% of the stock is currently owned by corporate insiders.
Paychex Stock Performance
Paychex (NASDAQ:PAYX – Get Free Report) last announced its quarterly earnings results on Wednesday, June 24th. The business services provider reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.01. The company had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.60 billion. Paychex had a net margin of 27.03% and a return on equity of 50.90%. The firm’s revenue was up 12.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.19 EPS. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. Equities research analysts predict that Paychex, Inc. will post 5.96 earnings per share for the current fiscal year.
Paychex Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Tuesday, July 28th will be issued a dividend of $1.19 per share. The ex-dividend date is Tuesday, July 28th. This represents a $4.76 annualized dividend and a dividend yield of 4.0%. Paychex’s dividend payout ratio is 97.34%.
Analyst Upgrades and Downgrades
A number of research analysts recently commented on the company. JPMorgan Chase & Co. raised their price target on Paychex from $100.00 to $105.00 and gave the stock an “underweight” rating in a research report on Thursday, June 25th. TD Cowen increased their price objective on shares of Paychex from $94.00 to $98.00 and gave the stock a “hold” rating in a research note on Monday, June 8th. UBS Group raised their target price on shares of Paychex from $105.00 to $115.00 and gave the company a “neutral” rating in a report on Wednesday, July 22nd. Weiss Ratings upgraded shares of Paychex from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, July 20th. Finally, Citigroup upped their price target on shares of Paychex from $140.00 to $150.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, ten have assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $108.20.
View Our Latest Stock Analysis on PAYX
Paychex Company Profile
Paychex, Inc, founded in 1971 by B. Thomas “Tom” Golisano and headquartered in Rochester, New York, is a provider of payroll, human resources, and benefits outsourcing solutions for small- and medium-sized businesses. The company’s core services include payroll processing and tax filing, employee benefits administration, retirement services, and workers’ compensation administration, designed to simplify back-office operations and help clients comply with regulatory and tax requirements.
Paychex offers an integrated technology platform, marketed under the Paychex Flex brand, which delivers cloud-based payroll, HR, time and attendance, and reporting tools.
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